According to the latest report by Reports and Data, the global Data Analysis Services Market size was USD 2.50 billion in 2021, and it is expected to register a revenue CAGR of 15.2% over the forecast period. Bioinformatics is a crucial tool in drug discovery research and development that involves the organization, storage, and analysis of vast amounts of biological data.
With the integration of biology and information technology and computer science, pharmaceutical companies and research institutions can uncover new biological insights and establish a global viewpoint in drug discovery. The increasing frequency of chronic illnesses and the need for research and drug discovery is increasing the demand for Data Analysis Services.
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The number of cancer survivors in the US is expected to reach 22.1 million by 2030, and bioinformatics is being utilized by pharmaceutical companies in cancer diagnosis and therapy. Data Analysis Services have broad applications in chromatography and mass spectrometry, chemical analysis, and materials and structural analysis. Pharmaceutical companies conduct numerous medication development studies and collect vast amounts of data, which are analyzed using software for precise findings. The industry is advancing due to the development of better AI algorithms for pattern recognition and functional inference from sequence data by several companies.
Data Analysis Services generated a larger revenue proportion in 2021, with North America having a bigger share. The revenue growth in this segment is being driven by the widespread adoption of bioinformatics approaches. Pfizer, Merck Co., Johnson Johnson, and other pharmaceutical and healthcare organizations are extensively utilizing bioinformatics for clinical data analysis and identifying possible therapeutic targets for intervention. The United States is a popular location for healthcare research and development, and funding for healthcare research is increasing the demand for Data Analysis Services.
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Thermo Fisher Scientific Inc., a leading bioinformatics service provider based in the United States, acquired Qiagen for USD 11.5 billion on March 3, 2020, with the goal of integrating genetic analysis technology and Qiagen's bioinformatics capabilities. Thermo Fisher's acquisition of Qiagen is expected to expand its global market share through its Data Analysis Services offering.
The global Data Analysis Services market is categorized into Service Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook. Service Type Outlook encompasses Data Analysis Services, data analysis services, drug discovery services, differential gene expression analysis, database management services, and other related services. Application Outlook includes genomics, chemoinformatics, drug discovery, transcriptomics, and others, while End-Use Outlook covers healthcare and pharmaceuticals, biotechnology companies, contract research organization (CRO), contract development and manufacturing organization (CDMO), and other related sectors. The Regional Outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Key players in the market include Thermo Fisher Scientific Inc., Agilent Technologies Inc., QIAGEN Digital Insights, Intrexon Bioinformatics Germany GmbH, Rosalind, Inc., Illumina, Inc., DNAnexus, Inc, PerkinElmer Inc., Biomax Informatics Inc., Waters Corporation, among others.
The global Data Analysis Services market is expected to experience significant growth due to the rising demand for research and drug discovery in the healthcare industry. Data Analysis Services are expected to be utilized in drug discovery research and development, cancer therapy and diagnosis, chromatography and mass spectrometry, and chemical analysis, which will contribute to market growth. The industry is also driven by the increasing adoption of AI algorithms for pattern recognition and functional inference from sequence data.
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